Loan Comparison: 2.8% vs 6.5%
7478 Campstool Drive, Colorado Springs, CO 80903 · 2bd/1ba · $500,000
List Price
$500,000
Assumable Rate
2.8%
Remaining Balance
$327,774
Equity Gap
$172,226
Loan Type
VAAdjust Your Scenario
$25,000
$25,000$172,226
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (VA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.8% + gap loan
$2,376/moAssumed loan: $1,347/mo
Gap financing: $1,029/mo
$626less per month with the assumable
Your Savings on This Property
7478 Campstool Drive, Colorado Springs · 2.8% VA vs 6.5% conventional
$626
per month
$7,513
per year
$225,393
over 30 years
$225,393
interest saved
How gap financing works: The equity gap ($172,226) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($147,226 at 7.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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